Barclaycard to Barclays Loan

nathand_2

When I log into Barclaycard I'm presented with an offer to transfer money to my current account and pay 0% for over a year. There's a 3% fee involved in this.

That sounds like a very attractive offer as I'd be able to pay off a loan from Barclays and save a huge amount in interest.

I am however concerned that Barclays will object to me using that money to settle a loan. Has anyone else tried something like this?

leeroy2009

they don't care what you use the money for, and has nothing to do with them once it hits your bank account

they just want there fee, and hope you don't pay back in the interest free period - to make them more money

opinions4u

Shouldn't be a problem.

But remember you still have the debt. If you won't have cleared it by the time your 0% rate ends there is a possibility that you could end up paying more interest over the life of the debt.

E.g. Loan rate 7.9% to card rate 0% (3% fee) to card rate 17.9% isn't a good idea if the level of debt remains high by the time you hit 17.9%.

So don't just move the debt around. Have a plan to clear it.